Selling an Inherited Property: All You Need to Know
Selling an inherited property can be challenging due to the various real estate regulations and taxes that may apply depending on the state of domicile.
Points to Remember While Selling an Inherited Property
Decide if you want to transfer the house ownership to yourself and continue staying there or sell the inherited house after the owner’s death.
Depending on the county regulations, the procedure time for transferring ownership to yourself would be 3–4 months. This method also eliminates the expense of the real estate agent, making it affordable.
If you want to sell the inherited property it would involve a lot of paperwork with a processing time of almost 15-24 months.
Steps to Sell an Inherited Property
Step 1: Understand Where the Mortgage Stands
Step 2: Hire a Mediator
Step 3: Conduct a Pre-listing Inspection
Step 4: Make Repairs
Step 5: Get Your Home Ready to Sell
Step 6: Decide How to Sell Your Inherited House
Step 7: Negotiate Offers
Step 8: Close on Your Inherited Property
Step 9: Paperwork For Selling an Inherited House
You can either maintain the house you inherited from your loved ones with all the necessary paperwork, or you can sell it for some quick cash to pay off any outstanding debts like a mortgage, taxes, etc.